Nishi-Nippon Railroad Co (FSE:9031) Beneish M-Score: -2.40 (As of Jun. 27, 2026)

What is Nishi-Nippon Railroad Co Beneish M-Score?

Nishi-Nippon Railroad Co FSE:9031 71 Beneish M-Score is -2.40 as of Jun. 27, 2026. GuruFocus rates FSE:9031 with a GF Score™ of 71/100 and a GF Value™ of 円3,043.78. The stock has 3 warning signs investors should review. Among 966 Transportation companies, Nishi-Nippon Railroad Co ranks worse than 65.32% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nishi-Nippon Railroad Co's Beneish M-Score or its related term are showing as below:

FSE:9031' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.47 Max: -1.91
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Nishi-Nippon Railroad Co was -1.91. The lowest was -2.92. And the median was -2.47.

Nishi-Nippon Railroad Co Beneish M-Score Related Terms

Nishi-Nippon Railroad Co Beneish M-Score Historical Data

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The historical data trend for Nishi-Nippon Railroad Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Nishi-Nippon Railroad Co Beneish M-Score Chart

Nishi-Nippon Railroad Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.62

-2.64

-2.92

-2.19

-2.40

Nishi-Nippon Railroad Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.19	0.00	0.00	0.00	-2.40

FSE:9031 vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, Nishi-Nippon Railroad Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Nishi-Nippon Railroad Co Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Nishi-Nippon Railroad Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nishi-Nippon Railroad Co's Beneish M-Score falls into.

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71GF Score

Nishi-Nippon Railroad Co Ltd FSE:9031

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Nishi-Nippon Railroad Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Nishi-Nippon Railroad Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9781

0.528 * 0.9859

0.404 * 1.1867

0.892 * 1.0691

0.115 * 0.8617

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.007863

0.327 * 0.9416

-2.40

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円66,158 Mil.
Revenue was 円474,156 Mil.
Gross Profit was 円62,913 Mil.
Total Current Assets was 円220,184 Mil.
Total Assets was 円820,851 Mil.
Property, Plant and Equipment(Net PPE) was 円467,636 Mil.
Depreciation, Depletion and Amortization(DDA) was 円24,093 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円163,463 Mil.
Long-Term Debt & Capital Lease Obligation was 円298,213 Mil.
Net Income was 円32,155 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円38,609 Mil.

Total Receivables was 円63,263 Mil.
Revenue was 円443,495 Mil.
Gross Profit was 円58,016 Mil.
Total Current Assets was 円217,683 Mil.
Total Assets was 円782,126 Mil.
Property, Plant and Equipment(Net PPE) was 円457,627 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,174 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円157,105 Mil.
Long-Term Debt & Capital Lease Obligation was 円310,096 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(66158 / 474156)	/	(63263 / 443495)
	=	0.139528	/	0.142646
	=	0.9781

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(58016 / 443495)	/	(62913 / 474156)
	=	0.130815	/	0.132684
	=	0.9859

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (220184 + 467636) / 820851)	/	(1 - (217683 + 457627) / 782126)
	=	0.162065	/	0.136571
	=	1.1867

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	474156	/	443495
	=	1.0691

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(20174 / (20174 + 457627))	/	(24093 / (24093 + 467636))
	=	0.042223	/	0.048997
	=	0.8617

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0 / 474156)	/	(0 / 443495)
	=	0	/	0
	=	1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((298213 + 163463) / 820851)	/	((310096 + 157105) / 782126)
	=	0.562436	/	0.597347
	=	0.9416

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(32155 - 0	-	38609)	/	820851
	=	-0.007863

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Nishi-Nippon Railroad Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.40 mean?

Nishi-Nippon Railroad Co (FSE:9031) has a Beneish M-Score of -2.40 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nishi-Nippon Railroad Co and its competitors. According to the industry distribution chart, Nishi-Nippon Railroad Co ranks #631 out of 966 companies in the Transportation industry, placing it in the top 65.3%.

Is Nishi-Nippon Railroad Co's Beneish M-Score too high?

Nishi-Nippon Railroad Co's current Beneish M-Score is -2.40. Based on the distribution chart, Nishi-Nippon Railroad Co ranks #631 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, Nishi-Nippon Railroad Co has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.

How does Nishi-Nippon Railroad Co's Beneish M-Score compare to UNP and CSX?

According to the Transportation industry distribution chart, Nishi-Nippon Railroad Co ranks #631 out of 966 companies for Beneish M-Score. This places Nishi-Nippon Railroad Co in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Transportation company?

A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nishi-Nippon Railroad Co and its competitors. Nishi-Nippon Railroad Co's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nishi-Nippon Railroad Co stock overvalued right now?

Nishi-Nippon Railroad Co (FSE:9031) has a current Beneish M-Score of -2.40. The stock's GF Value™ is 円3,043.78, compared to a current price of 円3,170.00 — trading 4.1% above its estimated fair value. The current Beneish M-Score is -2.40. Nishi-Nippon Railroad Co's overall GF Score™ is 71/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Nishi-Nippon Railroad Co (FSE:9031), the current Beneish M-Score is -2.40 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Nishi-Nippon Railroad Co (FSE:9031) Overvalued in 2026?

Based on GuruFocus' analysis, Nishi-Nippon Railroad Co stock appears to be overvalued. The current stock price of 円3,170.00 is trading 4.1% above its estimated GF Value™ of 円3,043.78.

Key valuation signals for FSE:9031:

Beneish M-Score: -2.40
GF Value™: 円3,043.78 vs. price of 円3,170.00 (4.1% above fair value)
GF Score™: 71/100 with 3 warning signs

No single metric tells the full story. See the FSE:9031 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nishi-Nippon Railroad Co Business Description

Industry Industrials Transportation

Comparable Companies TSE:7102 TSE:9052 TSE:9081 FSE:9035 TSE:9033 TSE:9046 TSE:9074 TSE:7122 TSE:9049 TSE:7677 UNP CSX TSX:CP TSX:CNR NSC WAB SHSE:601816 HKSE:00066 TSE:9020 HKSE:01766

Other Exchanges 9031:Japan

Address 3-5-7 Hakataekimae, Hakata Ward, Fukuoka, JPN, 810-8570

Website http://www.nishitetsu.co.jp

Nishi-Nippon Railroad Co Ltd organises itself into six segments: transportation, real estate, distribution, logistics, leisure, and other. The transportation segment transports passengers by rail, bus, and taxi. The real estate business develops, sells, and leases commercial and residential buildings. The distribution segment operates supermarkets. The logistics segment operates an international air-cargo-handling business. The leisure segment operates hotels and other leisure businesses. The company derives the majority of its revenue domestically.

71GF Score

Get the complete analysis for FSE:9031

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円3,170.00

Price

円3,043.78

GF Value

View FSE:9031 Analysis

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